Billtrust

Billtrust provides a suite of AI-powered accounts receivable software that automates invoicing, payments, cash application, collections, and credit decisions. It targets mid-market and enterprise finance teams seeking to lower day sales outstanding and reduce manual reconciliation work. The platform integrates with over 40 ERPs and 260 AP portals to digitize the entire order-to-cash cycle.

Billtrust generates revenue through a combination of SaaS subscription fees for its AR modules and transaction-based fees on the payment volume it processes. Its embedded payments solution, which supports multiple payment modalities, captures a take rate on the $1T in annual transaction volume it reports. The firm does not disclose a specific split between subscription and transaction revenue.

Billtrust was taken private by EQT Private Equity in 2022 and now operates as a portfolio company. Prior to the EQT acquisition, it was a publicly traded firm on Nasdaq under the ticker BTRS after completing a SPAC merger in 2021.

Billtrust offers both. It embeds payment processing directly into its invoicing and cash-application workflows, allowing customers to accept electronic payments without a separate gateway. This means Billtrust acts as a merchant of record on payment flows, not solely as a SaaS vendor.

Billtrust serves industries with complex, high-volume receivables processes: wholesale distribution, building materials and construction (White Cap is a disclosed case study), healthcare equipment manufacturing, and media and entertainment (Kinepolis cinemas). It also supports general B2B commerce where electronic-invoice presentment and portal integration drive digital adoption.